The early session was dominated by......>

EGB SUMMARY: The early session was dominated by few Central banks.

-Norway hiked their Rates by 25bps, SNB and Japan stayed unchanged.

-Bund upside was initially capped by French and Spanish supplies.

-Both French and Spanish supplies were ok, mixed and we saw very little effect

into their respective Bonds.

-Peripherals are once again mixed against the German 10yr, with Greece 3 bps

tighter on the day, and the rest flat on the spread.

-Main focus this morning was on the TLTRO results, which came on the lower side

at EU3.4bn.

-Operation showed: TLTRO-II.4: 474 bidders; TLTRO-II.3: 200 bidders; TLTRO-II.2:

249 bidders; TLTRO-II.1: 514 bidders.

-OECD Published Interim Economic Outlook, showing Global Economy Seen Slipping

Toward Weakest Growth in a Decade.

- Bund futures are down -0.35 today at 173.02 with BTP futures down -0.30 at

144.80 and OAT futures down -0.43 at 169.09.